Bloomberg Analyst Predicts Crypto Starting a Long-Term Upswing
Bloomberg Intelligence analyst Jamie Coutts believes that the crypto market and blockchain technology are currently at the beginning of a “structural uptrend.” Coutts points out that the liquidity cycle hit a low in Q4 2022, affecting the number of users of smart contract blockchains. However, according to Coutts, the liquidity cycle only impacts the rate of change of adoption as blockchain adoption consistently increases year over year, regardless of asset prices.
Coutts also highlights that certain energy-rich nation-states have invested significant amounts into Bitcoin mining facilities and are considering it a strategic energy initiative. These countries are projected to hold BTC on their balance sheets. He concludes that “the first of the sovereigns have arrived.”
Bitcoin’s Current Value and CTA
As of the current time, Bitcoin is valued at $37,574. If you want to stay updated on the latest in the crypto world, you can subscribe to email alerts and check real-time price action through various social media platforms.
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Hot Take: The Future of Crypto
Bloomberg Intelligence’s Jamie Coutts is optimistic about the future of crypto. According to Coutts, the liquidity cycle is at a low point, impacting the adoption of blockchain technology and cryptocurrencies. However, regardless of asset prices, blockchain adoption continues to increase year over year. Coutts believes that we are at the start of a new cyclical upswing, positioning crypto and blockchain for a long-term trend that is set to last for many years. Additionally, he points out that Bitcoin is becoming a reserve asset for certain countries, indicating a growing institutional interest in the cryptocurrency.
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